Betting Odds Explained
What fractional and decimal odds mean, how to convert between them, what evens is, and how implied probability reveals the bookmaker’s margin.
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Tips for getting the most from it
First, check whether the odds are shown as fractions or decimals, because the same price can look very different. Then, convert them to decimal so you can compare bookmakers easily.
For example, 5/1 and 6.0 are exactly the same price. However, a bookmaker offering 6.2 on the same selection gives you a better return. In addition, the implied probability tells you how likely the price says something is.
Finally, remember that every bookmaker builds in a margin, so shopping around for the best price really does add up over time.
About this video: Betting Odds Explained
Betting Odds Explained is a short narrated video guide from Sports and Casinos. What fractional and decimal odds mean, how to convert between them, what evens is, and how implied probability reveals the bookmaker’s margin.
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Read the transcript
Betting odds tell you two things: how likely the bookmaker thinks something is, and how much you'll win if it happens.
In the UK, you'll see odds as fractions or decimals. Five to one, and six point oh, mean exactly the same thing.
Fractional odds show profit against stake. At five to one, a one pound bet wins five pounds, and you get your pound back too: six pounds in total.
Decimal odds show the total return for each pound, stake included. One pound at six point oh returns six pounds. To convert, divide the fraction, and add one.
Evens, or one to one, is two point oh in decimal. It doubles your money.
The shorter the odds, the more likely the outcome, and the smaller the return. Longer odds are less likely, but pay more.
Odds also give you an implied probability: one divided by the decimal odds. Two point oh implies a fifty percent chance.
Add up the implied probabilities of every outcome in a market, and you'll get more than a hundred percent. The extra is the bookmaker's margin. The lower the margin, the better the value.
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